Northern America: Taro (Cocoyam) Market 2024

Taro (Cocoyam) Market Size in Northern America

In 2022, after two years of decline, there was significant growth in the North American taro (cocoyam) market, when its value increased by 15% to $X. Overall, consumption, however, continues to indicate significant growth. Over the period under review, the market hit record highs in 2022 and is likely to see steady growth in the immediate term.

Taro (Cocoyam) Production in Northern America

In value terms, taro (cocoyam) production dropped to $X in 2022 estimated in export price. In general, production, however, saw a abrupt decrease. The growth pace was the most rapid in 2018 with an increase of 24% against the previous year. Over the period under review, (cocoyam) production attained the maximum level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

The country with the largest volume of taro (cocoyam) production was the United States (X tons), comprising approx. 99.9% of total volume.

In the United States, taro (cocoyam) production shrank by an average annual rate of -1.7% over the period from 2012-2022.

In 2022, the average yield of taro in Northern America dropped to X tons per ha, remaining relatively unchanged against the previous year's figure. The yield figure increased at an average annual rate of +1.1% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2015 when the yield increased by 16% against the previous year. The level of yield peaked at X tons per ha in 2016; however, from 2017 to 2022, the yield stood at a somewhat lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, approx. X ha of taro were harvested in Northern America; surging by 1.7% on 2021 figures. In general, the harvested area, however, showed a perceptible setback. The most prominent rate of growth was recorded in 2017 when the harvested area increased by 7.7%. The level of harvested area peaked at X ha in 2013; however, from 2014 to 2022, the harvested area stood at a somewhat lower figure.

Taro (Cocoyam) Exports

Exports in Northern America

In 2022, after four years of growth, there was significant decline in overseas shipments of taro, when their volume decreased by -13.1% to X tons. In general, exports, however, continue to indicate a resilient increase. The most prominent rate of growth was recorded in 2013 when exports increased by 138% against the previous year. The volume of export peaked at X tons in 2021, and then shrank in the following year.

In value terms, taro (cocoyam) exports surged to $X in 2022. Overall, exports, however, recorded a resilient expansion. The most prominent rate of growth was recorded in 2016 with an increase of 75% against the previous year. The level of export peaked in 2022 and is likely to continue growth in the near future.

Exports by Country

The shipments of the one major exporters of taro, namely the United States, represented more than two-thirds of total export.

The United States was also the fastest-growing in terms of the taro exports, with a CAGR of +18.5% from 2012 to 2022. The United States (+5.4 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($X) also remains the largest taro (cocoyam) supplier in Northern America.

In the United States, taro (cocoyam) exports increased at an average annual rate of +16.9% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in Northern America amounted to $X per ton, rising by 47% against the previous year. In general, the export price, however, saw a slight curtailment. The most prominent rate of growth was recorded in 2018 an increase of 53% against the previous year. Over the period under review, the export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for the United States.

From 2012 to 2022, the rate of growth in terms of prices for the United States amounted to -1.4% per year.

Taro (Cocoyam) Imports

Imports in Northern America

In 2022, after six years of growth, there was decline in overseas purchases of taro, when their volume decreased by -4.8% to X tons. Overall, imports, however, posted a significant increase. The pace of growth appeared the most rapid in 2017 with an increase of 561% against the previous year. Over the period under review, (cocoyam) imports hit record highs at X tons in 2021, and then shrank slightly in the following year.

In value terms, taro (cocoyam) imports surged to $X in 2022. In general, imports, however, recorded a significant expansion. The growth pace was the most rapid in 2017 when imports increased by 353% against the previous year. The level of import peaked in 2022 and is likely to continue growth in the near future.

Imports by Country

The United States dominates imports structure, recording X tons, which was approx. 95% of total imports in 2022. It was distantly followed by Canada (X tons), achieving a 4.6% share of total imports.

The United States was also the fastest-growing in terms of the taro imports, with a CAGR of +39.6% from 2012 to 2022. At the same time, Canada (+5.0%) displayed positive paces of growth. While the share of the United States (+41 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Canada (-40.7 p.p.) displayed negative dynamics.

In value terms, the United States ($X) constitutes the largest market for imported taro in Northern America, comprising 92% of total imports. The second position in the ranking was held by Canada ($X), with a 7.6% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value in the United States amounted to +42.2%.

Import Prices by Country

The import price in Northern America stood at $X per ton in 2022, increasing by 32% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The level of import peaked at $X per ton in 2016; however, from 2017 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Canada ($X per ton), while the United States stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (+2.6%).

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :